A security flaw in Coldcard hardware wallet firmware allowed hackers to drain $88 million worth of BTC from users’ wallets. Early Bitcoin developer Peter Todd argues that self-custody remains superior to centralized platforms, whose collapses such as QuadrigaCX ($200 million in losses) cause significantly greater damage. Todd compares private key management to storing important physical documents and emphasizes that self-custody is infinitely simpler than driving a car. He recommends implementing educational programs similar to driving schools to reduce critical human errors to nearly zero.
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